Cynthia Lummis reaffirms vision of a strategic Bitcoin reserve in the United States

Wyoming Senator Cynthia Lummis has reiterated her commitment to establishing a strategic Bitcoin (BTC) reserve for the United States.

The lawmaker, known for her strong pro-crypto stance, highlighted these plans after recent Republican victories in the Senate, especially from lawmakers who are largely supportive of digital assets.

Senator to move forward with BTC strategic reserve bill

In a Nov. 6 post on X, Lummis confidently declared, “We will build a strategic Bitcoin reserve,” signaling a new push to move forward with legislation he introduced earlier this year.

The senator’s proposal, called the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, or BITCOIN for short, would direct the US Treasury to buy one million BTC over five years.

It also emphasizes long-term BTC investment, mandating holding the cryptocurrency for at least 20 years in safe vaults managed by government agencies.

Lummis has been a prominent voice in crypto since her election to Congress in 2021. Although she is not on the ballot in the just-concluded polls, the 70-year-old has maintained her active support of blockchain initiatives and cryptography during the 2024 campaign period.

His proposal was based on an idea presented by President-elect Donald Trump at the 2024 Bitcoin conference in Nashville, Tennessee. At the event, Trump suggested that the US government should stop selling any BTC seized in law enforcement operations, but put it into strategic storage that would allow it to dominate the crypto sector and until and all help pay off the country’s multi-billion dollar debt.

The pro-Crypto majority could help push the proposal forward

It remains to be seen how Senator Lummis’ proposal will fare as it moves through legislative channels. However, their apparent confidence in the successful passage of the BITCOIN Act comes from the results of the just-concluded election, which saw 278 pro-crypto candidates make it to Congress.

Additionally, Republicans now hold majorities in both the Senate and the House of Representatives after flipping three Senate seats.

In a testament to the industry’s optimism, Bitcoin hit a new all-time high for the second time in quick succession, surpassing $76,000 just days after hitting the $75,000 mark.

The milestone, which came after Trump’s election victory, has amplified attention to the potential of government-backed BTC reserves, with industry experts such as Samson Mow stating that the adoption of Bitcoin by part of the nation state was about to “come into gear.”

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